Why was the Virginia Company granted a charter?

The Virginia Company was granted a charter to set up a colony. This colony was established at Jamestown.
One reason why the Virginia Company was allowed to set up a colony is that private investors provided the money to start the colony. The British government wasn’t willing to provide public money for colonies in North America at this time. The colony at Roanoke, which was started by Sir Walter Raleigh with his own funding, had failed. Since the Virginia Company had investors willing to put up the money, the King gave the Virginia Company a royal charter. The Virginia Company was able to appoint leaders of the colony as well as a Governor. It also was responsible for providing the materials needed for the colony to operate.
The goal was to make a profit on the operation of the colony. The investors hoped they would find gold and silver to help make a profit. Unfortunately, this didn’t occur. Many people died due to a lack of food, attacks by the Native Americans, and disease. Eventually, the King took the charter away from the Virginia Company and made it a royal colony.